According to new estimates released today, the United Nations agency forecasts that the region will grow by an average of 2.1% this year, with South America growing by 1.6%, Central America and Mexico by 2.7% and the Caribbean by 2.8%.

The expansion expected for the region in 2024 remains on the path of the low economic growth observed in recent years, and the great challenge is how to move towards higher, more dynamic and inclusive growth, the UN Commission indicates.

The region is facing a complex international scenario, characterized by a growth in economic activity and global trade below historical averages, together with interest rates that remain high in developed countries, resulting in higher financing costs for emerging countries, including the region.

On the domestic front, the downward trend in inflation has given central banks in several countries room to lower their policy interest rates, which could have a favorable impact on economic activity.

Regarding the projections of the Central American countries, Costa Rica is the country with the highest increase with 3.9 points, followed by Guatemala, Nicaragua and Honduras with 3.5 points and Panama, which, like El Salvador, has a growth projection of 3.0 points.

Translated by: A.M